Early polls suggest an easy win for Francois Fillon in the French Presidential elections but they ignore that all the ingredients are there for a right-wing populist backlash says Nordea Bank’s Holger Sandte.

Pound Sterling has today registered this month's high against the Euro at 1.1472, having advanced for four days in succession as foreign exchange traders continue to take their cue from developments in the gargantuan global bond markets.

The British Pound can expect to advance on its cross-channel rival over the course of coming months, but as has become traditional with the GBP/EUR exchange rate, significant moves require the exercising of substantial doses of patience.